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Mar 31, 2021
Acadia Q1 2021 Earnings Report
Acadia reported operating results for the quarter ended March 31, 2021.
Key Takeaways
Acadia Realty Trust reported GAAP earnings per share of $0.06, NAREIT FFO per share of $0.26 and FFO before Special Items per share of $0.25 for the quarter ended March 31, 2021. The company's Core Portfolio was 89.5% occupied and 91.0% leased as of March 31, 2021. They also reinstated its quarterly dividend at $0.15 per common share.
Core leasing pipeline increased to over $10.0 million, with approximately $5.0 million executed to date
Over 50% of leasing pipeline within its Street/Urban portfolio, including key leases in Chicago, San Francisco and New York Metro
GAAP and cash leasing spreads of 23.7% and 1.1%, respectively, on comparable new and renewal leases executed
Reinstated its quarterly dividend at $0.15 per common share
Acadia
Acadia
Forward Guidance
The Company increased its annual 2021 guidance to reflect its improved outlook on leasing and credit reserves.
Positive Outlook
- Net (loss) earnings per share attributable to Common Shareholders revised from $(0.12) to $0.04 to $(0.08) to $0.06
- Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share) revised from 1.22 to 1.26 to 1.22 to 1.26
- Gain on disposition of properties (net of noncontrolling interests' share) revised from (0.05) to (0.07) to (0.05) to (0.07)
- Noncontrolling interest in Operating Partnership revised from (0.07) to (0.09) to (0.07) to (0.09)
- Funds from operations per share attributable to Common Shareholders and Common OP Unit holders revised from $0.98 to $1.14 to $1.02 to $1.16
Challenges Ahead
- The revised guidance is based upon Acadia’s current view of existing market conditions and assumptions for the year ending December 31, 2021 and assumes no further government mandated shut-downs.
- Given the ongoing uncertainties resulting from the COVID-19 Pandemic, the 2021 guidance does not incorporate any assumptions involving adjustments to its straight-line rent reserves
- The guidance does not include any predictions of the variability that inherently results from those tenants that are, or may be subsequently classified, on the cash basis of accounting.
- The impact of such amounts could be material.
- The Company will update its guidance throughout 2021, as appropriate to reflect such items.